Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 29 May 2018 My Price 3.00

cash refund

How would I record: On March 12th, the WCS sent back some of the supplies with a value of $125, purchased two days earlier, since they were not as ordered. They received a cash refund of both the value of the goods and the HST.

 

What accounts would be affected? I said that cash would increase $141.25 (value + HST), supplies would decrease $125, and HST paid on purchases decreases $16.25. Just wondering if this is correct. Thanks!

Answers

Maurice Tutor
(5)
Status NEW Posted 29 May 2018 07:05 PM My Price 3.00

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